Madison Square Garden Second-Quarter Profit Drops 39% Amid Renovation

NEW YORK - The Madison Square Garden Co., controlled by the Dolan family, reported a lower second-quarter profit on Friday as slightly higher revenue was offset by higher expenses in some areas, such as for team personnel transactions and for depreciation due to a renovation of the MSG arena. The shutdown of MSG and the Theater at Madison Square Garden due to the renovation, known as the Transformation project, started in mid-April. The company said Friday that the arena will re-open in late October. Second-quarter revenue at the company rose 3 percent to $233.9 million, but earnings declined 39 percent from $14.0 million to $8.5 million. The MSG Sports unit, which includes the NY Knicks basketball and NY Rangers hockey teams, saw revenue rise 18 percent in the latest quarter due to higher playoffs revenue, but the unit swung to an operating loss. The company cited "higher direct operating expenses, including a $5.5 million increase in expenses for certain team personnel transactions" as a reason. The MSG Media unit grew revenue 3.8 percent as TV network advertising and affiliate fee revenue rose, but operating profit fell 9 percent amid increased costs. Meanwhile, MSG Entertainment saw a 23 percent revenue drop, but narrowed its operating loss by 36 percent. The revenue fell due to the renovation, but the bottom line improved due to "the absence of operating losses incurred in the prior year period related to a co-production and improved event-related results at the Beacon Theatre," the company said. "We achieved these results even as the Madison Square Garden Arena and the Theater at Madison Square Garden were unavailable for the majority of the second quarter," Madison Square Garden president and CEO Hank Ratner said."The Transformation project remains on schedule, with the Garden expected to re-open in late October.Our Transformation sales initiatives continue to progress well and we remain confident that the project will generate meaningful growth for our company." Email: Georg.Szalai@thr.com Twitter: @georgszalai Related Topics

Earthquake Videos Hit the Web; DSK Press Conference Interrupted

Shortly after a 5.9 earthquake hit the East Coast, footage of the event, which could be felt in Washington D.C., Philadelphia and New York City, hit the web.our editor recommendsEast Coast Earthquake News Coverage Interrupts ProgrammingEast Coast Earthquake: Best Hollywood Quotes PHOTOS: Earthquake on East Coast: Scene from New York and D.C. The Pentagon and Capitol buildings were evacuated shortly after the quake hit at 1:51pm. Many businesses, including Comcast in Philadelphia, PA and Discovery Communications in Silver Spring, MD were also evacuated. STORY: East Coast Earthquake News Coverage Interrupts Programming New Jersey Star Ledger employees were in the middle of a web broadcast when the room began to shake. STORY: Earthquake Sends Shocks From Washington DC to New York City; Industry Reacts A Dominique Strauss-Kahn press conference was interrupted in New York City as the tremors could be felt. The District Attorney Cyrus Vance Jr. can be heard saying, "It's ok, I've been through earthquakes in Seattle," as people quickly attempt to evacuate the room. VIDEO: Earthquake on East Coast: 5 Over-The-Top Hollywood Portrayals At TV station Fox 29 in Philadelphia, an assignment editor recorded television sets swaying and the reaction of her coworkers in the newsroom as the quake hit. ABC Newsalso had footage of White House and the Capitol building survieliance cameras shaking as the quake occurs. Related Topics ABC News East Coast Earthquake

Film Clip in Warner Bros.' 'Sight'

AffleckBen Affleck is within discussions to direct and convey Warner Bros.' action pic "Type of Sight," which is developed just as one starring vehicle for that multihyphenate.Silver Pictures is creating the project, which follows a top-notch commando squad because it transports cargo while handling a global threat.Silver Pictures' Alex Heineman created the concept and drawn on F. Scott Frazier to create the script like a spec, which WB acquired in March. Peter O'Brien (Xbox 360 360's "Halo: Achieve") lately came onto rewrite the pic, which is shot from the first-person point-of-view.Joel Silver and Andrew Rona are creating, while Heineman assists as professional producer. Warners executives Sarah Schechter and Chantal Nong are managing the work for the studio.WME-repped Affleck is presently helming WB's Iran hostage crisis pic "Argo," by which he stars alongside Bryan Cranston and Alan Arkin. His last film for WB, "The City,Inch made $154 million worldwide. Contact Shaun Sneider at shaun.sneider@variety.com

NOVA Einstein Revealed

Albert Einstein is probably the most famous scientist in history, but how much do we really know about him besides the hair, the bomb, and relativity? In Einstein Revealed, NOVA guides us through his life as reflected in his private papers, showing a man of turbulent emotions and strong obsessions, yet kind and gentle as a mother hen. Using dramatized interviews, historical photography, and computer animation to enlighten us about his personal life and his lifelong quest to understand nature, Einstein Revealed succeeds in showing both the man and his work as never before.

Flavor Flav, Dee Snider Sign Up for Celebrity Wife Swap

Flavor Flav, Dee Snider Flavor Flav will swap wives with Twisted Sister frontman Dee Snider on ABC's Celebrity Wife Swap, Entertainment Weekly reports. ABC orders Celebrity Wife Swap The celebrity version of ABC's Wife Swap features stars trading spouses and lifestyles for a week. In May, the network ordered six episodes of the reality show, which are slated to air at midseason. Snider has four children with his long-time wife Suzette, while Flav proposed to his wife Liz on a reunion episode of his VH1 reality show, Flavor of Love.

Forex Orders Two More Seasons of It Certainly Is Sunny, Renews Wilfred and Louie

Its Always Sunny in Philadelphia, Wilfred, Louie Let us celebrate at Paddy's Pub! It Certainly Is Sunny in Philadelphia is going to be around for 2 more seasons. John Landgraf, FX's leader and gm, introduced Saturday in the Television Experts Association fall TV previews the network has restored Sunny for 2 seasons, as well as acquired Wilfred and Louie for an additional 13-episode season each. It Certainly Is Sunny's Glenn Howerton, wife expecting first child "We really come with an option ... to get a tenth season [of Sunny]. We are just obtaining two for the time being," Landgraf stated. "I'm not sure what tales they are likely to do in Seasons 8 and 9, but I've come across all of the episodes define Season 7 that'll be airing this September. Legitimately I believe it's their funniest season to date. ... It is simply uproariously funny." Both additional seasons brings Sunny to nine seasons total, which makes it the longest-running live-action comedy series in fundamental cable history. Browse the relaxation of present day news Wilfred, the oddball comedy starring Elijah Wood and Jason Gann like a guy inside a dog suit, first showed this season and it is viewed by 5 million audiences per week. Louie, produced by and starring comedian Louis C.K., has elevated its rankings to three million audiences, up 56 percent over its newcomer season.

It's Only Monday, But the Trailer for Arena May Be The Best Worst Thing You Watch All Week

Back in April of 2010 — the same day Paramount started looking for a writer to reboot Mighty Mouse (true) — it was announced that Samuel L. Jackson and Kellan Lutz would co-star in Deathgames, about a “young man (Lutz) who is kidnapped and forced into the savage world of a modern gladiator arena, where men fight to the death for entertainment of the online masses. Jackson orchestrates the games, overseeing them from his computer lair with the help of twin ladies who see to his every desire.” Sounds like Gamer. How did it turn out? Like Gamer! Only waaaaaaaay worse. Retitled Arena, the film will get released on Tuesday, Oct. 11, likely forgoing any theatrical run and arriving on DVD instead. For all parties involved, that’s probably a good thing — especially Lutz; he doesn’t need another Love Wedding Marriage — though it is a bit disappointing to think that precious few will get to see Jackson eat scenery like cotton candy. “How [dramatic pause] is he still STANDING?” Watch below, and pay special attention to the dance Jackson does at 1:25. You won’t be sorry. Or maybe you will; as the Movieline tipster who forwarded this trailer along warned, “It is very TERRIBLE.” VERDICT: Game over. [via Movieweb]